UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next
Author: joelxwil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75539  
Subject: Re: Poll: Giving your password to Financial Advi Date: 5/25/2009 4:30 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
If you have somebody to manage your money, it can be arranged that they can trade the account, but not take money out of it. That sort of authority is necessary to have somebody else manage your money. There is no legitimate reason to allow them to take money out of the account. You can do that yourself, unless you become disabled, which is an entirely different question.

If you do have somebody manage your money, there should be a third party, such as Schwab, who is holding the assets, and you should be able to check on the activity in the account at any time. Otherwise, you are in a Bernie Madoff situation.

The lack of the ability to know what the manager is doing, and to terminate the account immediately, is a serious problem. That is why I would never invest in a hedge fund.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Kate Spade's Wild Ride
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement